When It Happens: How to Fix a Flailing Business

By Andrew J. Birol, President, Birol Growth Consulting, Inc.

Your customers are leaving you and possibly their customers as well, your costs are soaring and your long-term fixes won’t work in time. What can you do when your company’s back is up against the wall? Here is a quick plan:

Confirm your basic business strategy: Quickly decide on what is most likely to work and easiest to do.

Agree on available operating funds: Determine what you have to spend in the business.

Discuss which accounts and products you can service: Play lifeboat. Save only those accounts you can make money on now.